Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 10, 2009, Apartment Investment and Management Company ("Aimco") announced the promotions of Timothy J. Beaudin and David Robertson. Beaudin was promoted to President and Chief Operating Officer and will continue to be responsible for property operations, redevelopment, construction services, and information technology. Robertson was promoted to President and Chief Investment Officer and will become Chief Financial Officer of AIMCO and AIMCO-GP, Inc., the general partner of AIMCO Properties, L.P. (the "Partnership"), effective March 1, 2009.

In connection with its reduced scale and scope of activities, Aimco has reviewed its level of spending and decided to consolidate its senior management ranks. As a result, Thomas M. Herzog, Executive Vice President and Chief Financial Officer of Aimco and the general partner of the Partnership, is resigning from those positions effective March 1, 2009, after the filing of Aimco's and the Partnership's Annual Reports on Form 10-K. In order to provide for an orderly transition, Mr. Herzog will continue in an advisory capacity to Aimco following his departure. Mr. Herzog will receive a cash separation payment of $1.5 million to be paid on March 1, 2009. Fees for his advisory services will be determined based on time spent.

A copy of the related press release is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are filed with this report:

99.1 Aimco Press Release dated February 10, 2009

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